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Mississippi Mortgage Rates

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Mississippi Mortgage Rates

Comparing Mississippi Mortgage Rates with National Rates

In order to help you see how Mississippi mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Mississippi

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Mississippi

In order to qualify for the best mortgage rates in Mississippi it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Mississippi

Mississippi is the thirty second most populous US state. According to the US census, as of 2016, there is an estimated population of over 2.9 million residents, which represents 0.9% of the US population. Mississippi is the poorest states. According to the US Census Bureau's Glassman-ACS report for 2015, Mississippi had the highest unemployment rate (8.9% vs 6.3% nationally), the lowest median household income ($40,593 vs $56,775 nationally), and the highest percent of household with income below $10,000 (11.5% vs 6.9% nationally). According to The Bureau of Economic Analysis (BEA), the government accounted for 17.7% of their GDP. "The largest contributor to real GDP growth [in 2016] in Mississippi was agriculture, forestry, fishing, and hunting."

Based on 2015 HMDA data, Mississippi compared to National loan program distribution, had a slightly higher percentage of purchase loans (55% vs 51% national) and smaller share of refinance loans (43% vs 46% nationally). Conventional loans were a much smaller share 62% vs 69% nationally. Rural loans (FSA/RHS-guaranteed) /loans were considerably higher, (6% vs 2% nationally).

Here are some outside resources that can help you understand the Connecticut mortgage environment:

  1. FHA loan amounts in Mississippi: (note:set the table to Mississippi). There are 82 counties in the state of Mississippi. None of the single family units meet the Highest loan limit, currently at $636,150. Most, 93% of the counties are at the Standard loan limit, currently at $275,665. The remaining 7% are between those limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Mississippi and your county or check out the FHFA conforming limit map.Since the FHFA has higher base limits than the FHA, currently at $424,100 currently all of the counties are within this limit.
  3. Mississippi Mortgage Programs: The Mississippi Home Corporation (MHC) aims to provide affordable housing. They have a number of programs including Smart Solution Mortgage with a down payment assistance up to 3% of the loan, Housing Assistance for Teachers with up to $6000 for public school teachers, Home Buyer Advantage Loan with 0% grants up to $40,000 for selected home in the City of Jackson, and a Mortgage Credit Certificate program. The programs have credit, income, and property requirements. The MCC also publishes Mississippi Mortgage rates.//li>
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for Mississippi

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between Mississippi and the US:

  • Mortgage Rates for Conventional Loans in Mississippi
  • Mortgage Fees for Conventional Loans in Mississippi
  • Loan Amount for Conventional Loans in Mississippi

 

Mortgage Rates for Conventional Loans in Mississippi vs USA

 

Mortgage Fees for Conventional Loans in Mississippi

 

Purchase Price for Conventional Loans in Mississippi vs USA

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